Answer the Question on the Basis of the Following Two

question 57

Multiple Choice

Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K. What level of total utility is realized from the equilibrium combination of J and K, if the consumer has a money income of $52 and the prices of J and K are $8 and $4, respectively?

• A)156 utils
• B)124 utils
• C)276 utils
• D)36 utils

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Definitions:

Statute of Frauds

A legal concept that requires certain types of contracts to be in writing and signed by the parties to be enforceable.

Verbal Agreement

A contract or agreement made through spoken words rather than writing, which can be legally binding.

Specific Performance

A legal remedy requiring a party to perform their part of a contract, rather than simply paying damages for failing to do so.

Enforce Joyce's Promise

This phrase suggests taking legal or formal steps to ensure that an obligation or commitment made by someone named Joyce is fulfilled.